The Cameroonian authorities could extend the operating agreement for the Mbalam mining project located in the east of the country to June 30, 2019, to the satisfaction of the Australian mining company Sundance Resources.
By Achille Mbog Pibasso
Located between Cameroon and Congo, the previous agreement set March 31, 2019, the deadline for the Mbalam-Nabeba iron project whose deposit has a potential of 40 million tons. The Australian mining firm Sundance Resources announced in a press release that Financial Afrik was able to obtain a copy, the opportunity to continue the adventure. And indeed, “the Cameroonian government welcomed the meetings, reiterating its keen desire to see the project develop as quickly as possible. Sundance is currently waiting for an official written position from the Cameroonian government regarding the reinstatement of the Mbalam deal between the Sundance Cam Iron subsidiary and the Cameroonian government, “the report said.
According to sources close to the record, this development is the result of discussions between the Cameroonian government, representatives of the Sundance Group and Chinese AustSino, as well as other stakeholders who wish to participate in the financing, construction and construction. operation of this iron ore project. An agreement is expected to advance the project and strengthen the agreement initialed September 24, 2018 between Sundance and AustSino.
In any case, according to Sudance, “the Cameroon government’s positive response to Sundance’s proposal to engage with AustSino and other stakeholders who are keen to develop the iron ore project of Mbalam is very encouraging. Progress is being made to conclude this transformational agreement with AustSino, which we believe is in the best interest of all Sundance shareholders. “
